Meaning & Definition of word "Nonprofit"

noun:

• 1. A nonprofit organization is one that is not intended to make a profit and uses its surplus revenues to further achieve its purpose or mission.
  • Example: The local animal shelter is a nonprofit dedicated to rescuing and caring for abandoned pets.
• 2. A type of organization where profits are not distributed to owners or shareholders but are used to support the organization's objectives.
  • Example: She works for a nonprofit that focuses on providing educational resources to underprivileged communities.
• 3. An organization that operates for a purpose other than making a profit, typically in the fields of charity, education, or social services.
  • Example: The nonprofit received a grant to fund their community health programs.

adjective:

• 1. Relating to an organization that does not operate for the purpose of profit.
  • Example: She volunteers at a nonprofit organization that provides legal aid to those in need.
• 2. Describing activities or initiatives that aim to benefit the public or a specific community without generating profit.
  • Example: They hosted a nonprofit event to raise funds for disaster relief efforts.
• 3. Pertaining to entities whose goals are not financial gain but rather social, educational, or charitable outcomes.
  • Example: The nonprofit sector plays a crucial role in addressing issues such as poverty and health care.